one of the most important design decisions behind Kamino Fixed Rates is very simple:
we built it directly into Kamino Lend. the same battle-tested codebase you use today.
so fixed rates can launch straight into existing markets, with existing liquidity, and an existing base of borrowers and lenders
any Kamino Lend market can add fixed-rate reserves alongside its variable-rate reserves
eg. say the ONyc market currently has only a variable-rate USDC reserve. now, that market can have USDC reserves added to it. for example:
• USDC at 4.5% for one month
• USDC at 5.0% for three months
• USDC at 5.5% for six months
borrowers can hold variable-rate and fixed-rate USDC debt at the same time, against the same collateral, inside the same obligation
vault curators can instantly allocate into the new fixed-rate reserves - and with Conditional Liquidity, their capital can keep earning in the variable reserve until their liq is taken by a borrower, at which points it moves atomically into the fixed rate reserve
rollovers, another massive, massive feature we're introducing, enables fixed rate loans to roll directly into another loan term upon expiry. however, should there not be sufficient liq in that (or a lower) fixed rate reserve, the loan can actually roll into the variable reserve - ensuring continuity for the borrower
so, the kamino as it stands today remains: same codebase, same markets, same risk management, vaults, etc - and fixed rates adds a complete rate-and-duration layer on top
absolutely cannot wait to bring this to market.
Introducing Kamino Fixed Rates
The definitive architecture for fixed-term, fixed-rate credit on-chain. Now live in private beta. Public launch in Q3 2026
Read the light paper:
kamino.com/fixed-rates-light…